$10m Social Impact First for SYC and Young People
24 Sep 2018
SYC has achieved a first for Australia, entering into a $10m social impact investment with the NSW Department of Industry for the delivery of its youth unemployment program – Sticking Together Project – in regional NSW and in Sydney.
This investment represents the first time in Australia that a social impact investment has focused on youth unemployment – previous social impact investments have addressed social issues such as homelessness, mental health and children in out-of-home care.
The project involves the raising of $5m through a social impact bond in partnership with Social Ventures Australia (SVA).
STP utilises an intensive coaching model to build rapport with participating young people and their employer(s) over a 60 week period. Almost 900 young people aged 18 to 24 living in the areas of the Southern Highlands and Shoalhaven, the Illawarra and the city and inner south of Sydney, will benefit from the coaching they will receive as participants of Sticking Together Project in NSW over a four year period, commencing in 2019.
Sticking Together Project was conceptualised and co-designed by SYC in 2016 as an outcome of SYC’s My First Job initiative, which developed strategies to address high rates of youth unemployment experienced in Australia. The objective was to create a model that assisted young people in breaking into the workforce – and staying in there – recognising that many young people had barriers to employment that required ongoing support to overcome.
The coaching model was piloted in 2017 in Melbourne and Adelaide with two primary objectives – to test the model, and to gather measurement data and analytics that would enable future funding through social impact transactions.
The Sticking Together Project represents a significant achievement of a milestone that was always designed to be funded by social impact investment.
There’s no doubt that without our partners in this project, we would not have had the same success. SYC would like to thanks The Australian Centre for Social Innovation (TACSI), who co-designed Sticking Together Project with SYC, QUT, who researched employment pathways of young people and evaluated the pilot results, SVA for supporting development of this opportunity and raising the social impact bond, and our various referral partners who have worked with us to collectively achieve greater social impact.
Sticking Together Project now enters its set up phase, with operations expected to commence in April 2019.